SSH: DGL: SSH (Andre Gaylard)

7 May 2010 1:40 pm

DGL 07/05/2010 SSH

REL: 1340 HRS Delegat's Group Limited

SSH: DGL: SSH (Andre Gaylard)

Disclosure of ceasing to have substantial holding Section 25, Securities Markets Act 1988

To: NEW ZEALAND STOCK EXCHANGE (NZX) And: DELEGAT'S GROUP LIMITED (DGL) Date this disclosure made: 7 May 2010 Date last disclosure made: 9 October 2009

Substantial security holder(s) giving disclosure Name(s): Gaylard (as one of three trustees of the Delegat's Share Protection Trust) Contact details: Andre Gaylard - 09 359 7300 - andre.gaylard@delegats.co.nz Date on which substantial security holder(s) ceased to have substantial holding: 7 May 2010

Summary of previous substantial holding to which disclosure relates Class of listed voting securities: Ordinary Shares - NZDGLE0001S5 Summary for: Andre Gaylard (as one of three Trustees of Delegat's Share Protection Trust)

For last disclosure,-- (a) total number held in class: 33,928,571 (b) total in class: 100,350,000 (c) total percentage held in class: 33.81%

For current holding after ceasing to have substantial holding: (a) total number held in class: Nil (b) total in class: 100,500,000 (c) total percentage held in class: Nil

Details of transactions and events giving rise to person ceasing to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: Delegat's Share Protection Trust is a trust established pursuant to a deed of trust dated 5 October 2009 as part of a Delegat family estate planning reorganisation. Pursuant to that reorganisation, on 9 October 2009 Jakov (Jim) Nikola Delegat transferred the 33,928,571 DGL shares that he owned to the trustees of the Delegat's Share Protection Trust for a consideration of $80,749,998 in the following two steps carried out contemporaneously:- (1) Jim Delegat transferred the DGL shares to the trustees of the Jakov Nikola Delegat Business Trust; and (2) the Jakov Nikola Delegat Business Trust subsequently transferred the same DGL shares to the trustees of the Delegat's Share Protection Trust. The transfers were by way of off-market transfer. The transaction that gives rise to this relevant event is that Robert (Bob) Lawrence Wilton replaces Andre Gaylard as a trustee of the Delegat's Share Protection Trust, which results in Andre Gaylard no longer having an interest in the shares.

Additional information Nature of connection between substantial security holders: Not applicable Address(es) of substantial security holder(s): Not applicable Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: Robert (Bob) Lawrence Wilton

Declaration I, Andre Gaylard, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00194655 For:DGL Type:SSH Time:2010-05-07:13:40:53

More announcements for DGL